Agent banking bringing the previously unbanked to banking:
According to the Global Findex Database 2017 of the World Bank, only 40 percent of people above 15 years of age in rural areas in Bangladesh have an account at a bank or a financial institution. Agent Banking has led to a huge segment of this excluded population to create accounts and access financial services. Most of the agents (86 percent of total) and outlets (88 percent of the total) associated are located in rural areas.The model is highly suitable for rural hard to reach areas and high proliferation in rural areas have led to rural agent banking subscribers outnumber those in urban areas. Growth is higher as well: the number of bank accounts in rural areas grew by 139 percent from July 2019 to July 2020 compared to only 60 percent in the urban areas.
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